SG Morning Highlights: Economists downgrade 2022 Singapore GDP forecast to 3.5%, raise core inflation outlook to 3.8%
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Friday; STI down 0.18%
●Economists downgrade 2022 Singapore GDP forecast to 3.5%, raise core inflation outlook to 3.8%
●Stocks & REITs to watch: ComfortDelGro, Golden Agri-Resources, UOB, GYP Properties
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Friday. The $FTSE Singapore Straits Time Index(.STI.SG$ decreased 0.18 per cent to 3,218.38 as at 9.13am.
Advancers / Decliners is 85 to 75, with 90.46 million securities worth S$100.34 million changing hands.
Breaking News
Private-sector economists have again dialed down their expectations for the Singapore economy, according to a quarterly survey of professional forecasters by the Republic's central bank on Thursday (Sep 1).
They are now expecting full-year gross domestic product (GDP) to grow 3.5 per cent, slightly worse than the 3.8 per cent projection they made in June.
The latest survey is based on the views of 21 respondents polled by the Monetary Authority of Singapore (MAS).
GAMING and e-commerce company $Sea(SE.US$ is putting the brakes on its game livestream platform and shutting projects at its development unit after reporting an almost US$1 billion quarterly loss, 2 sources familiar with the matter told Reuters.
Employees were told staff numbers at its gaming livestream business and its development arm would be cut, sources said.
Staff at Booyah!, a gaming livestream and community app, which is part of Sea's gaming unit Garena, were told they would be let go and the app would no longer be updated, the sources said. One source said it meant making 30 to 40 people redundant.
The Standard Chartered Bank and FairPrice Group's digital bank, Trust Bank launched with savings accounts and credit card offerings for retail customers.
Unlike GXS Bank and Sea's MariBank, which require approval from the Monetary Authority of Singapore to expand beyond savings accounts, Trust is able to offer a full suite of banking products having acquired a full bank licence. (*see amendment note)
"With greater digital adoption in financial services, there is much potential for the banking sector to relook how to do things differently and serve customers better," said Deputy Prime Minister Lawrence Wong at the launch event.
Stocks & REITs to Watch
$ComfortDelGro(C52.SG$ : Transport company ComfortDelGro has been dropped from the Straits Times Index (STI) in the latest quarterly review, with recently-listed Emperador replacing it on the benchmark index.
The change to the STI, which tracks the performance of the 30 largest and most liquid companies listed on the Singapore Exchange (SGX), takes effect at the start of business on Sep 19, FTSE Russell said in a statement on Thursday (Sep 1).
$Golden Agri-Res(E5H.SG$ : Golden Agri-Resources on Wednesday (Aug 31) said plans to list its India subsidiary on both the Bombay Stock Exchange and National Stock Exchange of India will be suspended.
Gemini Edibles & Fats India (GEF) is in the process of finalising its application to suspend its proposed listing due to "adverse and uncertain market conditions", the palm oil producer said in a bourse filing.
Golden-Agri announced plans on Aug 8, 2021 to list GEF. It said at the time that it could get 7.5 billion rupees or about US$100 million from the initial public offering of the 56.3-per-cent-owned subsidiary.
$UOB Kay Hian(U10.SG$ : Brokerage firm UOB Kay Hian was on Wednesday (Aug 31) fined S$375,000 for failing to comply with business conduct requirements under the Securities and Futures (Licensing and Conduct of Business) Regulations, as well as anti-money laundering and countering the financing of terrorism (AML/CFT) requirements listed by the Monetary Authority of Singapore (MAS).
MAS said it had discovered these failures during an inspection, some of which include accepting third-party receipts that "represented a substantial amount of the value of an initial price offering" without conducting adequate due diligence.
"As a result, UOBKH failed to detect and report suspicious transactions despite red flags of potential nominee arrangements, which may be abused to conceal beneficial ownerships and facilitate market misconduct," said MAS.
$GYP Properties(AWS.SG$ : The voluntary cash offer made by Rumah & Co to take real estate developer GYP Properties private was on Thursday (Sept 1) raised to S$0.188 per share, from the earlier S$0.168 per share as announced on Jul 8.
As per the announcement on Aug 24, the closing date for the offer had also been extended to Sept 23, at 5.30 pm.
The offerer, Rumah & Co is a a special purpose vehicle incorporated in Singapore for the purpose of the offer. The consortium is made up of Rumah Property, Oregold, Global Cities Consult as well as Silverstone Ventures.
Latest Share Buy Back Transactions
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